This follows its recent $108-million purchase of 1,519 apartment units in nine Ontario communities, which it calls the biggest acquisition in its history.
Skyline, an asset manager, bought the 18 multi-residential properties from Conundrum Residential Property Income Fund on behalf of Skyline Apartment REIT.
Skyline now holds 5,498 residential suites across Ontario and 747,391 square feet of commercial space, a news release said.
"The Conundrum deal gives us a foothold in six new cities, including Hamilton and Brantford, and expands our presence in strong rental markets such as St. Catharines and Peterborough," Skyline CEO Jason Castellan said in the release.
The deal comes on the heels of Skyline’s $81.4-million acquisition of The Co-operators' office portfolio in September and the $9-million acquisition of a 213-unit property in Thunder Bay in November, the release said. The company has acquired $244 million in assets this year, bringing Skyline Apartment REIT’s current market value to $450 million.
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